All Forum Posts by: Robin Vidovich

Typerider,
Thanks for the laugh. Shared your story with my husband. We laughed for quite a while but you made a very good point. You never know. As a woman doing the investing (husband really loves his day job) I am quite aware of my surroundings. Have been fortunate so far but know that my husban worries about my safety.

Does any one know if you need a permit to carry a taser or stun gun?

Thanks.

One thing not mentioned is the fact that if you want to sell one of the properties at a later time in the balnket morgtage, it can be hard to do.

Can some one enlighten me more as to the specifics beacuse I have not used this type of loan due to the lack of flexibility.

Thanks.

The deals I mostly do have the fees collected out side of the close table but I do know that most wholesalers collect them at the table.

My fee is collected at the time that my end buyer gives me the deposit check and we do the assignment paperwork.

In response to Aly's question, if my realtor is a dual agent, I don't disclose my hand to them too much. They need to play both ends of the deal but especially in the beginning, I just listen and ask questions a lot.

rdinvestors

Terry,
It depends on how you structure your deals. Almost all of my buyers are cash buyers and all of them pay me up front. Keep in mind the basic principal that the end buyer is paying you for the right to buy the property at the price that you have contracted it for.

Robin

No, you don't have to have to have an LLC set up. You just claim the income on your taxes. However, I would suggest that you talk with a lawyer who is knowledgable in the area of Real Estate.

I have a guy who is both a lawyer and a CPA out of Philly that I deal with. If you are interested, shoot me an email and I can give you his info. He sets up LLCs in Maryland as well and is well versed in wholesale dealings and liabilities.

Robin

Would love to. Not too computer savvy. I just know enough to be dangerous. Please advise!!!

revinv,
Shoot me an email and I can send you what I have. Make sure to run it past a lawyer to make sure you are covered in your state.

rdinvestors

Wholesaling off of the MLS works in some markets but certainly not every market. In the 3 Cities that I wholesale properties in (Harrisburg, Reading and Philly PA) each city is a bit different but certainly due to the market place I don't only use the MLS.

rdinvestors

No title insurance???? YIKES!!! Nope, would not do it never, never, never.

Had what appeared to be a great deal go bad when the title search found an IRS lein against the property from 3 owners prior to the current one. The guy died, the property during his ownership was placed into a trust for his kids, divorce ocurred, the guy died, yada, yada, yada.

Long story short no good deal. The transacations took place between several people with out title insurance being purchased by several owners. Now the current owner is stuck and the property will probably go to tax sale because she does not want it. Hope the new buyer does a title search on it.

Only question is how risky of an investor are you?? I try to always minimize my risks even if it means spending a buck or two.

Robin